At present there is something undeniable that can not be hidden and it is possible that they are acquiring the cryptocurrencies, not so much for the value of the cryptocurrencies, but its background technology Blockchain, technology that has multiple applications and one of them is the financial world.

Two more months ago, an article was written referring to this emerging currency called Ripple and was born as a technological application sponsored by BBVA among others in order to reduce waiting times to confirm the transaction between countries.

This is the new story:

As we have already mentioned international bank transfers between retail entities almost instantaneously today are a reality, and this has been possible thanks to the underlying technology of digital currencies.

The first instant remittance service powered by Blockchain technology between Japan and Thailand has been developed by Ripple. It has the backing of the Siam Commercial Bank in Thailand and the SBI of Japan, which will assist in the establishment of a new payment system between these two countries that record an approximate $ 250 million in transfers and shipments Of remittances.

This commercial application for Blockchain technology will allow individual funds transfers from the Japanese yen to the Thai baht between these banks.

Representatives of the Siam Commercial Bank claim that every transaction, once authorized, will take less than five seconds to bring the assets to the recipient's accounts in Thailand, which raises a significant reduction in processing times, since traditionally this type of transactions It takes about two business days to complete successfully.

SBI remittance director Nobuo Ando underscored the need to improve existing remittance services for faster and more cost-effective transactions that primarily benefit customers interested in shipping assets in Thailand.

Among the interesting data the SBI representative mentioned is the fact that recent statistics say there are more than 40,000 Thai nationals looking for ways to send money back to their home country.

"In this case, Ripple introduced a rather revolutionary concept that turned out to be even more impressive in practice. In addition, we can expect to incorporate a larger number of currencies with greater commercial reputation as the Ripple network continues to expand, "said Ando.

Siam Commercial Bank plans to incorporate this Blockchain service into remittances in trade with other industry participants in North America, Europe and Asia.

Arak Sutivong, head of the business strategy department at Siam Commercial Bank, said that the main objective is to boost real-time payments for the institution's clients, whose families often rely on the availability of these funds to cope with their needs Basic.

Ripple's Blockchain, better known as the Ripple Consensus Ledger (RCL), has been used previously in several pilot projects to send remittances, including an instant money transfer between Spain and Mexico during the month of April year.

In July of last year, a transfer made through the company's product between Canada and Germany took only twenty seconds, while during the month of September they managed to reduce the wait time to a minimum of ten seconds.

So as we see, we are facing an imminent technological revolution in the financial sector and that would lead Ripple to a considerable rise.

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